AVON —   The Henkel Corp. — the city’s largest employer with 350 workers — is being sold to a Phoenix company that will purchase the facility along with Henkel’s Duck, Painter’s Mate Green and Easy Liner brand of do-it-yourself adhesives and household products.

Innovative Brands Holdings announced the acquisition Monday in a news release saying the sale is expected to close within 60 days.

Innovation Brands is owned by the Phoenix-based private investment firm Najafi Cos. It focuses on acquiring, repositioning and growing solid consumer brands that no longer fit the strategic direction of larger corporations into long-term sustainable assets, the news release said.

“We’re thrilled that these established and high-quality brands will join our family of products, and are looking forward to nurturing their growth in the marketplace over the next several years,” said Innovative Brands Chief Executive Officer and Najafi Partner, Peter Woog.

Henkel’s Avon location produces the DIY brands.

The facility on Just Imagine Drive underwent a major expansion less than two years ago that added 229,000 square feet to its existing building.

At that time, company officials said it would need to grow its workforce to 500 by 2011.

“This sale makes perfect sense for our strategic direction, which is to focus on our core brands. We’re proud of the achievements of our brands and the employees who worked hard to make them successful,” said Julian Colquitt, Henkel’s president of Adhesive Technologies in North America.

“Innovative Brands Holdings is the right company with the best outlook and capabilities to step in on behalf of these Henkel product lines to ensure their future success in the market.”

Locally, Henkel served as the corporate sponsors to the annual Avon Heritage Duct Tape Festival since its inception.

For four years, the extravaganza held over a weekend in June has included a parade, arts and crafts show, kids activities, and of course lots of colorful and inventive duct tape creations.

In addition, Henkel donated $75,000 to cover cost overruns at Avon High School when it was built.

   

 

 

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